Vanguard Group Inc. Has $359.57 Million Stake in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Vanguard Group Inc. reduced its holdings in Patterson-UTI Energy by 3.1% in Q1, resulting in ownership of approximately 43.7 million shares valued at $359.57 million.
• Several other institutional investors, including Fuller & Thaler Asset Management and Dimensional Fund Advisors, significantly increased their stakes in Patterson-UTI Energy during the last quarter.
• Patterson-UTI Energy reported a quarterly earnings miss with earnings per share at ($0.06), and announced a quarterly dividend of $0.08, reflecting a yield of 5.9%.

Vanguard Group Inc. trimmed its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 3.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,742,781 shares of the oil and gas company's stock after selling 1,389,749 shares during the period. Vanguard Group Inc. owned approximately 11.33% of Patterson-UTI Energy worth $359,566,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Summit Investment Advisors Inc. increased its holdings in shares of Patterson-UTI Energy by 4.1% during the 4th quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company's stock worth $336,000 after purchasing an additional 1,596 shares during the period. Gallagher Fiduciary Advisors LLC increased its holdings in shares of Patterson-UTI Energy by 13.2% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 14,856 shares of the oil and gas company's stock worth $123,000 after purchasing an additional 1,731 shares during the period. Readystate Asset Management LP increased its holdings in shares of Patterson-UTI Energy by 4.1% during the 1st quarter. Readystate Asset Management LP now owns 51,799 shares of the oil and gas company's stock worth $426,000 after purchasing an additional 2,019 shares during the period. Xponance Inc. increased its holdings in shares of Patterson-UTI Energy by 7.4% during the 1st quarter. Xponance Inc. now owns 29,845 shares of the oil and gas company's stock worth $245,000 after purchasing an additional 2,057 shares during the period. Finally, Blue Trust Inc. increased its holdings in shares of Patterson-UTI Energy by 42.9% during the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $59,000 after purchasing an additional 2,153 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock traded down $0.0150 during trading hours on Thursday, hitting $5.2750. 478,199 shares of the stock were exchanged, compared to its average volume of 11,385,674. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. The stock has a market capitalization of $2.03 billion, a P/E ratio of -1.91 and a beta of 1.30. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $9.66. The business's 50-day moving average is $5.98 and its two-hundred day moving average is $6.62.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.24 billion. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%.Patterson-UTI Energy's quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 earnings per share. Equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 6.1%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is currently -11.59%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PTEN shares. Morgan Stanley lowered their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Susquehanna lowered their target price on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a research note on Wednesday, June 4th. Citigroup reissued a "neutral" rating and issued a $6.50 target price on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Royal Bank Of Canada lowered their target price on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a research note on Friday, July 25th. Finally, Piper Sandler started coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 target price on the stock. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $8.27.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.